It now has capital of £800 million for the funding of UK SMEs across the ‘full risk spectrum’ in all regions and sectors from £250,000 to £10 million.

Damon Walford, chief development officer at ThinCats, said: “The Sheffield economy is incredibly dynamic as it transitions from its traditional manufacturing heritage to new industries.

“Our data shows that the city is behind only London and Birmingham in having the highest number of companies likely to need funding over the next 12 months.

“Sheffield also has a higher proportion of high growth companies than the UK average. In our mission to help UK businesses secure the funding they need to grow, we want to be fully immersed in the local business community.

“I am delighted to have Mike on board. He brings great experience and Sheffield is an ideal place from which to lead our UK sales team.”

Mike Hackett has more than 22 years’ experience in banking and corporate finance. He previously led the RBS trading, real estate and healthcare team across Yorkshire and Humberside. Prior to this he was head of business development for Santander Corporate & Commercial Banking across the North.